On 3 September 2020 Damon Parker was invited by Which? to discuss the Mortgage Prisoners litigation. Harcus Parker is acting on behalf of several thousand mortgage prisoners in claims against their lenders to recover overcharged interest rates in circumstances where they could not re-mortgage because their lender had become an inactive lender or had sold their mortgages to an inactive lender. The lender then took advantage by setting the reversionary interest rate at an unreasonably high level.
Although the final amount of compensation due to borrowers will depend on what the court determines to be the ‘fair’ interest rate, the amount of compensation involved could be substantial for borrowers who bring a claim.